Market Synopsis
The global textile chemicals market is presumed to garner 9.80 million during the forecast period (2016-2022). The global market is expected to demonstrate 3.2% CAGR owing to the increasing level of personal income, asserts Market Research Future (MRFR). Textile chemicals play an important role in the textile manufacturing processes, right from pre-treatment to finishing of textiles. Textile chemicals incorporate a vast line of products ranging from highly specialized chemicals, like pH regulators, flame-retardants to relatively simple commodity chemicals, such as bleaches. Textile chemicals form an integral part of industrial and commercial sectors, where any sort of fabric is used in operation.
Drivers and Constraints Impacting the Market
The increasing level of personal income in developed and developing countries will promote the production of textiles used in household furnishings, apparel, and floor coverings. With rising growth in the apparels market in developed countries, the global textile chemicals market is considered to flourish. As apparel is one of the largest and oldest export industries in the world, it is one of the fastest growing industries. Economies like India, China, Turkey, Bangladesh, and Vietnam are some of the major targeting areas for apparels driving the global textile chemicals market. Indian industries have witnessed significant growth due to adoption of better technologies and government concessions to small-sized establishments.
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The market is also highly influenced by the growing demand for home furnishing products, development of the packaging industry, and evolution of eco-friendly chemicals required by the textile industry as they require large textile chemicals. Moreover, growing demand for smart technical textiles is influencing the market growth. The next generation smart technical textiles are used in various technical textiles, furnishing, and apparel applications. The demand for textile chemicals is likely to augment owing to the innovations and technological advancements.
On the flip side, adverse effects of chemicals on the environment coupled with strict mandates imposed on the use of chemicals are the some of the major concerns restraining the growth of textile chemicals market during the appraisal period.
Global Textile Chemicals Market: Segmental Analysis
The global textile chemicals market has been segmented on the basis of type, application, and region.
By mode of type, the global textile chemicals market has been segmented into furnishing chemicals, pre-treatment chemicals, coating chemicals, colorants, and dyeing & printing chemicals. Among these, the coating chemicals segment is considered to lead the overall textile chemicals market as they are indispensable in the pre-treatment process and offer glaze and strength. Such agents help in reducing yarn breakage during weaving.
By mode of application, the global textile chemicals market has been segmented into apparel, home furnishings, technical textiles, and industrial textiles. Among these, the home furnishings segment is considered to dominate the global textile chemicals market owing to the increasing construction activities in economies such as India and China. With increasing demand for towels, bed sheets, curtains, upholstery, carpets, rugs, window treatments, and table linen, the segment is likely to flourish. Moreover, shifting trend towards soft furnishings in homes is presumed to boost the fabric softeners in the home furnishing applications.
Regional Insights
Geographically, the textile chemicals market span across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World.
Among all the regions, the Asia-Pacific region is considered to be the fastest growing market in the textile chemicals industry. The growth is attributed to the improving economic conditions, rapid industrialization, availability of cheap labor, supportive government policies, and increasing exports. Moreover, the increasing population, changing lifestyle, and rising per capita income in the region is likely to fuel the textile chemicals industry. Apparels industry is expected to dominate the other segments in this region owing to the increased demand from the consumers and growth in population in economies such as China, India, Thailand, and Indonesia. Moreover, the availability of cheap labor and growth in R&D centers is promoting the growth of apparel industries. The demand for textile chemicals in the Asia-Pacific region will trigger in the coming years due to the ability to enhance the versatility and strength of textiles.
Industry Updates
December 07, 2018: According to KPMG, West Bengal can attract investments worth 14,000 crores in the petrochemicals and chemicals sector across segments, which has identified five prime areas that can promote West Bengal as a chemical innovation hub. The petrochemicals and chemical market of West Bengal would reach $8 billion by 2020 from $5.88 billion in 2017.
Competitive Dashboard
The prominent players operating the global textile chemicals market are Dow Chemical Company, Sumitomo Chemical, Sumitomo Chemicals Co. Ltd., Arkema, Huntsman International LLC, BASF SE, Pulcra Chemicals, Bayer AG, Kiri Industries, Lubrizol, Omnova Solutions, and AkzoNobel.
Textile Chemicals Market Table of Content to be Continue…….,
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